证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 深信服(688369.SH) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 业绩逐步恢复，AICP 平台升级打开云业务增长空间 ➢ 云业务订单带动收入增长，利润端同比亏损收窄。收入端：2025 年一 季度实现营收 12.62 亿元，同比增长 21.91%，主要是由于今年第一季 度公司云业务订单增速较好，带动公司整体收入实现增长，且公司去年 同期收入基数较低。利润端，公司 2025 年第一季度实现归母净利润- 2.50 亿元，亏损同比收窄 48.93%。此外，2025 年一季度公司经营性 净现金流同比增长 28.00%，主要是由一季度产品销售收到的现金增加 以及购买原材料支付的货款减少所致。 ➢ ...

5月8日，据山东证监局公告，江海汇鑫期货及其分管信息技术的副总经理魏登岳分别被采取责令改正和出具 警示函的行政监管措施。 | 序 | 标题 | 文号 | 发文日期 | | --- | --- | --- | --- | | | 关于对魏登岳采取出具警示函措施的决定 | 行政监管措施决定书 [2025] 22号 | 2025-05-08 | | 2 | 关于对江海汇鑫期货有限公司采取责令改正措 施的决定 | 行政监管措施决定书 [2025] 21号 | 2025-05-08 | 公告显示，近期，江海汇鑫期货次席CTP系统发生交易链路中断。经查，该公司存在以下问题：一是次席 CTP系统交易线路部署存在单点故障风险；二是次席CTP系统未建立备份设施，无法保障业务连续性；三是 发生网络安全事件后未按规定及时向山东证监局报告。 山东证监局认定，上述行为违反了《证券期货业网络和信息安全管理办法》(证监会令第218号)第十三条、第 二十条第二款、第三十九条第一款、《证券期货业网络安全事件报告与调查处理办法》(证监会公告〔2021〕 12号)第十八条第一款的规定。 根据相关规定，山东证监局决定对江海汇鑫期货采取责令改正、对其 ...

Group 1 - The company achieved a revenue of 2.82 billion yuan in 2024, a year-on-year decrease of 9.73%, while the net profit attributable to shareholders reached 83 million yuan, a year-on-year increase of 122.35% [1] - The gross profit margin for 2024 increased by 0.85 percentage points, and total expenses decreased by 10.73% year-on-year, indicating improved operational efficiency [1] - In Q1 2025, the company expects a significant reduction in losses, with projected revenue between 320 million to 340 million yuan, and a net loss attributable to shareholders of 73 million to 83 million yuan, showing a reduction in losses compared to the previous year [1] Group 2 - The company's cloud computing business generated revenue of 256 million yuan in 2024, reflecting a year-on-year growth of 10.09%, driven by the launch of various cloud security products [1] - The company has established a grid-based product system centered on autonomous control and artificial intelligence, enhancing its ability to respond to market changes [2] - In 2024, the total cash dividends and share buybacks exceeded 100 million yuan, with cash dividends amounting to 44.2 million yuan and share buybacks close to 60 million yuan, demonstrating a commitment to shareholder returns [2] Group 3 - The company is expected to benefit from the growth of the network security and AI industries, with projected total revenues of 3.16 billion, 3.65 billion, and 4.08 billion yuan for 2025 to 2027, corresponding to growth rates of 12.03%, 15.39%, and 11.93% respectively [3] - The net profit attributable to shareholders is forecasted to be 173 million, 266 million, and 343 million yuan for 2025 to 2027, with year-on-year growth rates of 108.59%, 53.71%, and 29.01% respectively [3] - The current price corresponds to a PE ratio of 51, 33, and 25 times for 2025 to 2027, maintaining a "recommended" rating [3]

格尔软件股份有限公司 2024 年年度股东大会会议资料 格尔软件股份有限公司 二零二四年年度股东大会 会议资料 格尔软件股份有限公司 2024 年年度股东大会会议资料 股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大会的顺利 进行，根据《中华人民共和国公司法》《中华人民共和国证券法》、中国证监会发布的《上 市公司股东大会规则》及《格尔软件股份有限公司章程》（以下简称"《公司章程》"）和 《股东大会议事规则》的规定，特制定本须知，望出席股东大会的全体人员遵照执行。 一、格尔软件股份有限公司（以下简称"公司"或"本公司"）根据《中华人民共和国 公司法》《中华人民共和国证券法》及《公司章程》的规定，认真做好召开股东大会的各项 工作。 二、本公司设立股东大会秘书处，具体负责大会有关程序方面的事宜。 三、本次股东大会以现场会议形式召开，并采取现场、网络相结合的方式投票。 四、股东参加股东大会现场会议依法享有发言权、质询权、表决权等权利，同时也必须 认真履行法定义务，不得侵犯其他股东的权益和扰乱会议秩序。 五、股东要求大会发言，请于会前十五分钟向大会秘书处登记，出示持股的有效证明， ...

Group 1 - A-shares experienced a volatile trading day on May 9, with defensive sectors like banking and electricity performing well, while technology sectors such as communications and computers saw a pullback [1] - The CSI Computer Index fell by 1.46%, but certain stocks like Runhe Software rose over 5%, with others like Zhongke Xingtu and Softcom Power also gaining more than 1% [1] - The Computer ETF (159998) saw a decline of over 1.3% but attracted significant capital inflow, accumulating nearly 240 million yuan in net inflow over the past 10 trading days [1] Group 2 - In Q1 2025, the computer industry showed significant improvement, with total revenue reaching 271.12 billion yuan, a year-on-year increase of 16%, and net profit turning positive at 1.41 billion yuan [2] - The computing power sector experienced a remarkable revenue growth of 42.08% year-on-year, with net profit increasing by 45.41% due to high demand driven by artificial intelligence [2] - The dynamic price-to-earnings ratio for the computer sector was reported at 81.5 times as of April 30, 2025, indicating a recovery in company performance and an increase in valuation [2] Group 3 - The positive fiscal and monetary policies in China, along with the growing trend of AI, are expected to enhance the profitability of the computer industry, potentially improving market sentiment [3] - The valuation levels represented by price-to-sales (PS) ratios in the industry still have room for growth [3]

在平台建设过程中，机电保障部联合技术团队开展为期三个月的专项攻坚。通过搭建高仿真测试环境， 完成19类网络设备的适配性验证；并针对离港系统、航显系统等关键业务场景开展12轮实战演练，优化 160余项系统参数配置，确保平台在真实业务环境下保持毫秒级响应速度。随着T5航站楼投运，"平台 运维+业务护航"双轨机制同步启动：一方面构建覆盖设备终端、区域边界的立体化安全策略矩阵，实 现策略全生命周期管理；另一方面通过动态流量分析与策略仿真，持续优化业务流量规划，网络资源配 置效率提升60%。自上线以来，平台已累计下发2883条安全策略，完成137个业务系统访问路径优化， 有力保障机场运营效率。 《中国民航报》、中国民航网 记者路泞 通讯员何雨昊 报道：近日，西安咸阳国际机场机电保障部正式 启用SecoManager网络安全集中管理平台——新一代网络安全管理体系在西部航空枢纽落地生根。该平 台的上线，为机场数字化转型构筑起智能、高效、安全的网络防线。 SecoManager平台以"集中统一、智能协同、实时响应"为核心特性，创新性实现机场全场景网络防护。 通过建立统一策略管理中枢，平台将分散的网络防火墙设备纳入集中管控体系 ...

Core Points - In its 10th year, the company Qi Anxin reported its worst annual performance, with a revenue of 4.35 billion yuan, a year-on-year decline of 32.49%, and a net loss of 1.38 billion yuan, marking the largest loss since its financial disclosures began [2][4][6] - The company has significantly reduced its workforce by 1,782 employees, nearly 20% of its total staff, with a focus on cutting down research and development personnel [2][10] - The chairman's salary was reduced from 1.65 million yuan in 2023 to 1.40 million yuan in 2024, reflecting the company's efforts to cut costs amid poor performance [2][10] Financial Performance - The company's operating income for 2024 was 4.35 billion yuan, down from 6.44 billion yuan in 2023, a decrease of 32.49% [3][7] - The net profit attributable to shareholders was a loss of 1.38 billion yuan, compared to a profit of 71.75 million yuan in the previous year, a decline of 2,022.46% [3][4] - The gross profit margin decreased by 8.36 percentage points to 55.99%, with the gross margin of security products, which contributed 62.24% of revenue, dropping by 5.83% [8] Strategic Adjustments - The company is focusing on four key areas for strategic adjustment: core products, core customers, enhancing distributor efficiency, and expanding into overseas markets [12] - Despite these strategic changes, the company's performance in Q1 2025 showed a revenue of 686 million yuan, down 2.65% year-on-year, and a net loss of 418 million yuan, indicating ongoing challenges [12][13] - Major shareholders have reduced their stakes in the company, with significant decreases reported by Beijing Financial Street Capital and China Merchants Bank [12]

Group 1 - The U.S. Congress has issued subpoenas to three Chinese telecom companies—China Mobile, China Telecom, and China Unicom—regarding potential data acquisition through their cloud services and internet operations in the U.S. This reflects a pattern of U.S. actions against Chinese firms under the guise of "national security" [1] - The U.S. has consistently made accusations against Chinese entities without providing substantial evidence, relying instead on presumption of guilt and selective intelligence disclosures to create a narrative of threat [1][2] - The investigation extends beyond traditional telecom services to emerging sectors like cloud services and data centers, indicating U.S. anxiety over China's technological advancements and its competitive position in the cybersecurity field [2] Group 2 - There is a notable double standard in the U.S. scrutiny of Chinese companies compared to European telecom firms and American tech giants, which have not faced similar investigations despite their significant data holdings [3] - The actions of the U.S. Congress reflect political opportunism, with a coordinated effort among intelligence agencies, tech companies, and media to construct a narrative that benefits political and financial interests, particularly in the context of increasing cybersecurity budgets [3] - China's response to U.S. accusations emphasizes dialogue and cooperation, advocating for multilateralism and the establishment of international rules to address cybersecurity issues, contrasting with the U.S. approach [4]

来源：中国新闻周刊 指责的本质是在转移加害者的罪责 近日，19岁的大一网友小梁公开发文称，她发布于个人社交平台的哭泣自拍照被盗用于"高潮针"话题 中，甚至被搬到了多个黄色网站，内容不堪入目。为此，她和家人也被迫卷入这场风波，收到了大量质 疑的电话和消息。 小梁称，2年前她在读高中时还未成年，自己的照片就被不良商家非法盗用，涉及壮阳药、产后修复 药、相亲、专升本、大学交友等各类广告。尽管她曾多次向平台投诉举报，但举报效果微乎其微，盗用 者依然源源不断。 为了维护自己的权益，小梁选择公开发声，呼吁短视频平台能够完善举报制度。但没想到，她却再次经 历了网暴，一些网友评论：正常人怎么会边哭边拍照？你怎么知道自己的照片被放在了黄色网站？你是 不是想红？ 小梁不解，那只是一张很普通的照片，为什么不能友善对待受害者？ 5月7日，中国新闻周刊采访了小梁本人，以下是她的自述。 图 片由豆包AI生成 提示词：网暴 图/小梁在社交平台公开发声 2年前的照片被各种广告盗用 我是一名19岁的大学生，今年读大一，平时喜欢烘焙。2023年4月，我看了一本小说深受触动，哭了一 晚上，眼睛肿得厉害，于是拍照记录，发到了自己的社交账号上，没想到 ...

Group 1 - The article discusses the establishment of an innovation alliance for smart terminal services aimed at addressing challenges in the global market, including localization and security [1] - Chinese smart terminals are transitioning from simple product exports to a global replication phase involving "industry chain + business model," with industrial and service robots emerging as new forces in overseas markets [1] - In 2023, the revenue from Chinese industrial robot exports reached approximately 9.58 billion RMB, while commercial service robots generated 1.51 billion RMB in export revenue [1] Group 2 - Human-shaped robots are gaining traction in overseas markets, with companies like Yushu Technology reporting a global market share of 60%-70% for their quadruped robots [2] - Companies are not only exporting standardized applications but also focusing on localization services to address deployment, training, and after-sales issues in foreign markets [2] - Open-source initiatives are being utilized by some robot companies to enhance product development and innovation through collaboration with global developers [2][3] Group 3 - The article highlights the asymmetric nature of cyberattacks, where hackers need to exploit only one vulnerability, while companies must defend against all potential threats [3] - As AI technology evolves, so do the methods of cyberattacks, making traditional security measures increasingly inadequate [3] - Companies like Zhongqi Communication are developing AI-driven security tools to enhance the protection of smart terminals in overseas markets [3] Group 4 - Data security during transmission is emphasized as crucial for the success of smart terminals in international markets, necessitating investment in infrastructure [4] - Zhongqi Communication claims to have established a network covering approximately 160 countries and regions across five continents, with nearly 170 service nodes globally [4] - The concept of creating a "safety net" is presented as essential for ensuring the security of enterprises venturing abroad [4]